Ghanaian oil and gas firm Springfield Exploration and Production Limited (SEP) has firmly rejected what it describes as false and unfounded allegations circulating in the media, allegedly stemming from a petition submitted by Petraco Oil Company SA to the Economic and Organised Crime Office (EOCO).
In a strongly worded statement issued Monday, Springfield expressed grave concern over a series of media publications suggesting impropriety in its dealings with the Swiss oil trading company. The company accused certain outlets of publishing “unverified allegations” and engaging in a “deliberate attempt” to tarnish its reputation and leadership.
“The allegations contained in Petraco’s petition are false, unfounded, and entirely without merit,” the statement said. “They do not reflect the facts of the commercial relationship between Springfield and Petraco and should not be treated as evidence of criminal conduct.”
According to Springfield, the dispute in question centers on a $100 million facility agreement signed with Petraco on February 7, 2023. Under the terms of the agreement, Springfield provided security for the facility, including a charge over 10% of its issued shares. Although Petraco disbursed only the first tranche of $50 million, the Swiss company went ahead to register an interest in the full 10% shareholding — a move Springfield insists was based on thorough due diligence and a legally binding commercial arrangement.
“Prior to executing the agreement, Petraco and its external advisers conducted comprehensive legal and technical due diligence on Springfield and its interest in the West Cape Three Points Block 2,” the company explained. “Springfield cooperated fully… The agreement was executed only after Petraco completed its due diligence process to its satisfaction.”
The Ghanaian oil firm also stressed that the matter is already being addressed in arbitration, adding that attempts to frame it as a criminal investigation are misleading and harmful to Ghana’s business environment.
“Attempts to reframe it as a matter of criminality… are not only misleading, but deeply damaging,” the company warned.
Springfield said it has proactively engaged with media houses to offer accurate information and context but accused a “small number” of platforms of choosing to sensationalise the issue, ignoring Springfield’s side of the story.
“Some media outlets have unfortunately allowed themselves to be drawn into what appears to be a deliberate attempt by a few parties to discredit Springfield and its leadership.”
In a direct warning to media practitioners and commentators, the company stated it reserves the right to pursue legal action against any individual or outlet that “continues to publish or promote defamatory statements or false claims based on Petraco’s meritless and opportunistic petition.”
Springfield reaffirmed its commitment to ethical conduct and national development, and called for responsible journalism rooted in fact and fairness, not speculation.
“We welcome scrutiny and accountability, but we expect it to be based on fact, not speculation.”
The company concluded by pledging continued engagement with stakeholders and the media but stressed that such interactions must be grounded in professionalism and a “genuine regard for the truth.”
